The standard cost card for the single product manufactured by Princess Company is given below: Last year, the company produced 7, 500 units of product and worked 6, 150 actual direct labour-hours. Manufacturing overhead cost is applied to production on the basis of direct labour-hours. Selected data relating to the company's fixed manufacturing overhead cost for the year are shown below: Required: 1. What were the standard hours allowed for the year's production? 2. What was the amount of budgeted fixed overhead cost for the year? 3. What was the budget variance for the year? 4. What denominator activity level did the company use in setting the predetermined overhead rate for the year